Prime Minister, Allen Chastenet, has told reporters here that the local economy is doing extremely well.
However, just after making the assertion, Chastanet said:
“I want to really phrase that because I know some people will run out and say ‘Oh, the prime minister has said the economy is doing well and everybody is doing well.’ That’s not what I am saying.”
“I am saying that the economy continues to show good signs of recovery,” Chastanet told reporters outside parliament Tuesday.
He disclosed that revenues from taxation, especially Value Added Tax, are up significantly as compared to the past.
Chastanet declared that the lowering the VAT rate has now proved to be very prudent.
He explained that the government is collecting almost as much money with the 12.5 percent rate as with the previous 15 percent rate.
With regard to unemployment, he stated that the rate continues to fall with almost 1500 new jobs being developed in the information technology sector.
“We have several major projects being undertaken right now, Le Sport being the latest one, in which they are spending over $50 Million in the summer in a major refurbishment,” Chastanet told reporters.
He said his administration is hoping to announce some other major hotel developments.